0
Accounts Payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Are accounts payable a credit or debit?
Accounts Payable is a Liability and therefore its normal balance is a Credit on the Balance Sheet
The classification and normal balance of the accounts payable account is?
The classification of Accounts Payable is liability, and a current liability, it has a normal credit balance, and is found on the Balance Statement as a permanent account.
Does accounts payable have a normal debit balance?
yes
What is the normal account balance for the accounts payable ledger account?
1. As accounts payable is the liability of the company to be paid in future so in this way like all other liabilities accounts balance, accounts payable has also credit balance.
Can accounts payable normally have a debit balance?
No, Accounts payable don;t have debit balance as a normal balance and it mayb e happend of debit balance due to more payment then required.
Are accounts payable a credit or debit?
Accounts Payable is a Liability and therefore its normal balance is a Credit on the Balance Sheet
The classification and normal balance of the accounts payable account is?
The classification of Accounts Payable is liability, and a current liability, it has a normal credit balance, and is found on the Balance Statement as a permanent account.
WHAT is normal balance of accounts payable?
credit balances
Does accounts payable have a normal debit balance?
yes
What is the normal account balance for the accounts payable ledger account?
1. As accounts payable is the liability of the company to be paid in future so in this way like all other liabilities accounts balance, accounts payable has also credit balance.
Is accounts payable a debit or credit?
Accounts Payable is the amount which is payable by company for the merchandise purchased by company but payment is due in future, as it is the liability of company so like all liability accounts it has credit balance as normal balance.
Can accounts payable normally have a debit balance?
No, Accounts payable don;t have debit balance as a normal balance and it mayb e happend of debit balance due to more payment then required.
Is accounts payable a debit or a credit on a trial balance?
Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased, or overstatement of purchased merchandise.
When does debit balance in account payable?
As accounts payable has a credit balance as normal balance so it has credit balance until not paid but it may have debit balance as well in case when payment is made for more than actual accounts payable which create negative balance or debit balance.
What is the normal balance of an account in the accounts payable subsidiary ledger?
Accounts receivables has debit balance as normal balance of account and shown in current assets in balance sheet.
Is accounts payable listed on an income statement?
accounts payable is account in balance sheet
Are accounts payable on the income statement and balance sheet?
yes accounts are payable on the income statement and balance sheet.
